Slovak economic sentiment falls for eighth month in a row

Trust in the Slovak economy fell in January 2013 for the eighth month in a row, with sentiment going down by 0.9 points to 87.7 points month-on-month, the TASR newswire reported, quoting VÚB Banka macroeconomist Andrej Arady on Wednesday, January 30.

Trust in the Slovak economy fell in January 2013 for the eighth month in a row, with sentiment going down by 0.9 points to 87.7 points month-on-month, the TASR newswire reported, quoting VÚB Banka macroeconomist Andrej Arady on Wednesday, January 30.

"It has cumulatively lost almost 13 points since May 2012," said Arady. However, a slight month-on-month increase in optimism was seen in the field of construction in January, which, according to Arady, amounts to the first improvement in mood after seven consecutive months of decrease in that sector. Overall, the mood cannot yet be regarded as having stabilised, he said. "The evaluation of the current situation continues to be rather unimpressive, with the use of production capacities sloping downwards. The mood remained below average in all evaluated sectors in January," Arady stated.

Consumer trust in the economy increased from minus 38.9 points to minus 37.1 points in January but shows little hint of any long-term improvement. "Even though the situation is not good for consumers, developments in inflation provided a relief to wallets and people are gradually accounting for this in their expectations," said Home Credit analyst Michal Kozub, adding that a higher level of consumer trust would support the economy. Even though industrial companies expect to see improvements in their situation in the following months, the mood is grimmer in the services sector, where expectations dropped by 4.7-6.6 points.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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